Commodity Online MUMBAI: On the heels of weak global sentiments on Friday, the crude oil futures tumbled in the domestic futures market. The crude stock position in US was seen up and the dollar remained strong against major currencies.
MCX July contract fell by 0.25% to Rs 3,230 per barrel in trading of 1,892 lots, while the crude for August contract fell by 0.24% to Rs 3,292 per barrel in 203 lots.
Now support for the crude is seen at 3191 and below could see a test of 3145. Resistance is now likely to be seen at 3309, a move above could see prices testing 3381.
Trading platform that even a 5 year old can trade. Join nowMarketmen said the selling activity picked up after the crude oil in the US markets fell and gasoline slipped to a five-week low on a report showing the unemployment rate rose to a record 26-year high last month, a signal that fuel demand in the worlds largest energy-consuming country will be slow to rebound.
